Ron Baron

Ron Baron

Last Update: 04-06-2016

Number of Stocks: 313
Number of New Stocks: 14

Total Value: $21,591 Mil
Q/Q Turnover: 3%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:

Ron Baron' s Profile & Performance

Profile

Ron Baron is the founder of Baron Capital Management. He is Co-Portfolio Manager of Baron Asset Fund and remains Portfolio Manager of the Growth and Partners Funds. Baron graduated from Bucknell University with a B.A. in Chemistry, and later attended George Washington University Law School in the evenings.

Web Page:http://www.baronfunds.com/

Investing Philosophy

Ron Baron invests primarily in small and mid-size growth companies. He likes companies with open-ended growth opportunities and defensible niches. He applies a bottom-up company research, invests for the long-term, and tries to purchase companies at what he believes are attractive prices. He invests in growth companies using a value-oriented purchase discipline. Baron ignores short-term market fluctuations when he believes the fundamental reasons for purchasing a company have not changed. He holds investments for longer than five years on average.

Total Holding History

Performance of Baron Partners Fund

YearReturn (%)S&P500 (%)Excess Gain (%)
2015-2.711.19-3.9
201410.2613.69-3.4
201347.6332.3915.2
3-Year Cumulative58.4 (16.6%/year)52.3 (15.1%/year)6.1 (1.5%/year)
201216.4160.4
2011-5.742.11-7.8
5-Year Cumulative73.8 (11.7%/year)80.4 (12.5%/year)-6.6 (-0.8%/year)
201031.5215.0616.5
200928.226.461.7
2008-46.67-37-9.7
200711.345.495.9
200621.5515.795.8
10-Year Cumulative111.4 (7.8%/year)102 (7.3%/year)9.4 (0.5%/year)
200514.374.919.5
200442.3510.8831.5
200334.9528.686.3
2002-18.07-22.14.0
2001-15.71-11.89-3.8
15-Year Cumulative220.8 (8.1%/year)107.5 (5%/year)113.3 (3.1%/year)
20004.82-9.113.9
199918.4221.04-2.6
199811.6828.58-16.9
199749.8833.3616.5
199616.1322.96-6.8
20-Year Cumulative674.1 (10.8%/year)381.4 (8.2%/year)292.7 (2.6%/year)
199536.9437.58-0.6
19944.761.323.4
199328.7810.0818.7
199216.837.629.2

Top Ranked Articles

Baron Funds Comments on Alibaba Group Holding Limited Guru stock highlight
Online marketplaces held in the Fund include China-based AlibabaGroup Holding Limited (NYSE:BABA), the world’s largest e-commerce company by gross merchandise value. Alibaba’s dominant franchise benefits from massive scale and powerful network effects; a rapidly expanding e-commerce market even with the recent slowdown in China; and an advertising-centric, asset-light business model that produced strong profit margins. Further, in many of China’s Tier II and III cities, Alibaba is enabling commerce as bricks and mortar competitors are often scarce. Read more...
Baron Funds Comments on Rakuten Inc. Guru stock highlight
The Fund also has a position in Rakuten, Inc. (TSE:4755), Japan’s largest e-commerce site, offering more than 95 million products from about 40,000 merchants. Rakuten also operates an Internet finance business that includes banking, brokerage, and credit card services. The stock has been weighed down by aggressive M&A, but we think overseas losses will mitigate as investments like Viber (mobile messaging app), Kobo (e-books), and Ebates (shopper loyalty) deliver strategic value. Read more...
Baron Funds Comments on JUST EAT plc Guru stock highlight
The concept of mobile e-commerce aggregation is expanding to vertical industries. For instance, we have invested in JUST EAT plc (LSE:JE.), the dominant online/mobile restaurant delivery aggregator/platform in the United Kingdom and Western Europe. The company generates a 10-13% commission on gross food sales ordered via its websites and mobile apps. JUST EAT benefits from its leading position in a winner-take-most/all industry that is rapidly shifting from over-the-phone to online ordering. Read more...
Baron Funds Comments on Ctrip.com International Guru stock highlight
We also recently established a position in Ctrip.com International,Ltd. (NASDAQ:CTRP), China’s leading online travel platform. The company recently secured a dominant competitive position via a savvy acquisition of a controlling interest in Qunar, its principal competitor. We have been following Ctrip for some time, looking for an opportune time to invest. We believe this transaction finally ends a price war, and thus potentially opens the door to several years of profitable growth. Read more...
Baron Funds Comments on AO World plc Guru stock highlight
We are participating in the secular shift to digital commerce through other investments as well. Our holding AO Worldplc (LSE:AO.) is the U.K.’s leading online retailer of major domestic appliances (e.g., refrigerators, ovens, and dishwashers). We think AO derives its competitive advantage from a unique supply chain and customized software. We believe the company can be several times larger over the next several years given its expansion into new product categories and into continental Europe. Read more...
» More Ron Baron Articles

Commentaries and Stories

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Baron Opportunity Fund 1st Quarter Letter Fund declined 7.76%, trailing the Russell 3000 Growth Index Ron Baron - Baron Opportunity Fund 1st Quarter Letter
Dear Baron Opportunity Fund Shareholder: More...

BARON OPPORTUNITY FUND,FIRST QUARTER,LETTER,GROWTH INVESTING,RON BARON,


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Baron Real Estate Fund 1st Quarter Letter - Part 2 Fund exited both Forest City Realty Trust Inc. and Brookfield Infrastructure Partners L.P. Ron Baron - Baron Real Estate Fund 1st Quarter Letter - Part 2
The first quarter of 2016 was an active period for the Fund. We believe we made several improvements to the portfolio. We exited both Forest City Realty Trust, Inc. and Brookfield Infrastructure Partners L.P. (to lower the profile of companies with complex businesses and higher balance sheet leverage). We exited Hyatt Hotels Corp. as part of our desire to reduce the Fund’s overall hotel exposure. Following its strong share price performance over the last few years, we trimmed our position in Equinix, Inc. The Fund also greatly trimmed its position in CaesarStone Sdot-Yam Ltd. and reallocated the proceeds to higher conviction ideas. More...

BARON, REAL ESTATE FUND,FIRST QUARTER,LETTER,PART TWO,VALUE INVESTING,LONG-TERM,


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Baron Funds Comments on Worldpay Group plc Guru stock highlight
Most recently, we participated in the successful IPO of WorldpayGroup plc (LSE:WPG), a U.K.-based provider of technology solutions that enable merchant customers to accept digital payments. We particularly like Worldpay’s strategic positioning in the complex and fast-growing niche of multi-currency, e-commerce transactions. The company is a leader in Europe, serving approximately 400,000 merchants across a variety of end-markets, sizes and geographies. More...

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Baron Funds Comments on MonotaRO Co. Guru stock highlight
We also have a position in Japan-based MonotaRO Co., Ltd. (TSE:2064), an online distributor of machine tools, engine parts and consumables for maintenance, repair, and operations (MRO) and a strategic supply chain partner to Japanese businesses. U.S.-based W.W. Grainger is the company’s majority owner. MonotaRO’s online model avoids the fixed costs that store-based competitors bear, and passes on cost savings to its customers. We expect MonotaRO to grow its share of the Japanese MRO segment, and will successfully expand and compete in other large markets such as South Korea. More...

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Rating: 5.0/5 (1 vote)

Baron Funds Comments on AO World plc Guru stock highlight
We are participating in the secular shift to digital commerce through other investments as well. Our holding AO Worldplc (LSE:AO.) is the U.K.’s leading online retailer of major domestic appliances (e.g., refrigerators, ovens, and dishwashers). We think AO derives its competitive advantage from a unique supply chain and customized software. We believe the company can be several times larger over the next several years given its expansion into new product categories and into continental Europe. More...

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Rating: 0.0/5 (0 votes)

Baron Funds Comments on Ctrip.com International Guru stock highlight
We also recently established a position in Ctrip.com International,Ltd. (NASDAQ:CTRP), China’s leading online travel platform. The company recently secured a dominant competitive position via a savvy acquisition of a controlling interest in Qunar, its principal competitor. We have been following Ctrip for some time, looking for an opportune time to invest. We believe this transaction finally ends a price war, and thus potentially opens the door to several years of profitable growth. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Baron Funds Comments on JUST EAT plc Guru stock highlight
The concept of mobile e-commerce aggregation is expanding to vertical industries. For instance, we have invested in JUST EAT plc (LSE:JE.), the dominant online/mobile restaurant delivery aggregator/platform in the United Kingdom and Western Europe. The company generates a 10-13% commission on gross food sales ordered via its websites and mobile apps. JUST EAT benefits from its leading position in a winner-take-most/all industry that is rapidly shifting from over-the-phone to online ordering. More...

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Rating: 0.0/5 (0 votes)

Baron Funds Comments on Rakuten Inc. Guru stock highlight
The Fund also has a position in Rakuten, Inc. (TSE:4755), Japan’s largest e-commerce site, offering more than 95 million products from about 40,000 merchants. Rakuten also operates an Internet finance business that includes banking, brokerage, and credit card services. The stock has been weighed down by aggressive M&A, but we think overseas losses will mitigate as investments like Viber (mobile messaging app), Kobo (e-books), and Ebates (shopper loyalty) deliver strategic value. More...

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

Baron Funds Comments on Alibaba Group Holding Limited Guru stock highlight
Online marketplaces held in the Fund include China-based AlibabaGroup Holding Limited (NYSE:BABA), the world’s largest e-commerce company by gross merchandise value. Alibaba’s dominant franchise benefits from massive scale and powerful network effects; a rapidly expanding e-commerce market even with the recent slowdown in China; and an advertising-centric, asset-light business model that produced strong profit margins. Further, in many of China’s Tier II and III cities, Alibaba is enabling commerce as bricks and mortar competitors are often scarce. More...

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Baron Funds Spring Newsletter: Investing in the International Equity Markets By Michael Kass, portfolio manager Ron Baron - Baron Funds Spring Newsletter: Investing In The International Equity Markets
With approximately 75% of the world's companies located outside the U.S.,1 the international equity markets offers a vast universe of investment opportunities. More...

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Baron Funds Comments on Vantiv Inc. Guru stock highlight
Vantiv, Inc. (NYSE:VNTV) is a leading domestic payment processor. Its core systems enable merchants to accept and process credit and debit card payments. Vantiv operated as a business unit within Fifth Third Bancorp until it was spun off as a separate company in 2009 and went public in 2012. The company is the second-largest merchant acquirer in the U.S. with 19 billion processed transactions across 800,000 merchant locations in 2015. Vantiv’s diverse merchant base is weighted toward non-discretionary everyday spend categories, such as grocery and pharmacy, and it includes ten of the top 25 national retailers by revenue. More...

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Baron Funds Comments on Guidewire Software Guru stock highlight
Shares of Guidewire Software, Inc. (NYSE:GWRE), a property and casualty (P&C) insurance software vendor, fell as high-growth, high-multiple technology stocks sold off aggressively during the quarter. We continue to believe that Guidewire is the leader among P&C core IT systems vendors, as evidenced by near-perfect retention rates, growing installed base, and accelerating adoption of its complete suite. We believe that the P&C industry is in the early stages of a very large replacement cycle of its core systems, and Guidewire should be an important beneficiary of this cycle. We think that the company’s recent deals with six Tier 1 P&C firms are indicative of the demand for its software. More...

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Baron Funds Comments on CBRE Group Guru stock highlight
CBRE Group, Inc. (NYSE:CBG) is a global commercial real estate (CRE) services company that maintains a leading position in its major businesses segments, including leasing, investment sales, outsourcing, project and development services, advisory services, and CRE investment management. Its shares fell over lingering concerns that capital markets activity may slow dramatically and that the commercial real estate cycle may be nearing a peak. We believe the market’s concerns are overstated and that CBRE’s earnings would be resilient in a more challenged real estate cycle. More...

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Baron Funds Comments on The Charles Schwab Corp Guru stock highlight
Shares of brokerage firm The Charles Schwab Corp. (NYSE:SCHW) declined as a result of the cyclical challenges to its earnings caused by lower equity market indexes and lower long-term interest rates. Lower equity markets result in lower asset-based fees to Schwab, and lower interest rates result in a lower net interest margin and the prospect of its money market fee waivers persisting for a longer period. Higher equity market volatility also resulted in a decline in trading activity by its clients. More...

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Baron Funds Comments on Illumina Inc. Guru stock highlight
Shares of Illumina, Inc. (NASDAQ:ILMN), the leading provider of DNA sequencing technology to academic and commercial laboratories, fell during the quarter. Although Illumina reported solid fourth quarter financial results, management tempered the market’s expectations for sales of its HiSeq X and benchtop instruments during early-2016, and shares reacted negatively. We continue to believe that Illumina has a long runway for growth, driven by the increased adoption of DNA sequencing in large clinical markets, such as those for cancer screening, diagnosis, and treatment. More...

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Baron Funds Comments on LinkedIn Corp Guru stock highlight
LinkedIn Corp. (NYSE:LNKD) is the world’s largest online professional network, with three business segments - Hiring Solutions, Marketing Solutions, and Premium Subscriptions - each serving a different customer base. Despite strong fourth quarter results, its shares dropped dramatically based upon its weak growth outlook for 2016. After reporting several quarters of inconsistent results, we believe management is finding it increasingly difficult to manage the complexity and generate growth across its three segments. We were sufficiently concerned about these results that we chose to exit the position. More...

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Baron Funds Comments on Fastenal Co. Guru stock highlight
Shares of Fastenal Co. (NASDAQ:FAST), a leading distributor of industrial supplies, rose after reporting improving sales trends to start the year. We view the sequential strengthening of the company’s sales as evidence of some abating headwinds its business, notably in its energy-related end-markets. In addition, Fastenal displayed encouraging sales traction, and evidence of ongoing market share gains, in its manufacturing and construction end-markets. Based on several of its internal growth initiatives, including the installation of vending machines at certain customers’ worksites and the placement of full-time Fastenal employees at other customers’ sites, we believe the company is poised to generate accelerating earnings growth during the next several years. More...

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Baron Funds Comments on West Pharmaceutical Services Guru stock highlight
West Pharmaceutical Services, Inc. (NYSE:WST) manufactures components and systems for the packaging and delivery of injectable drugs. West’s shares gained during the quarter after reporting strong financial results and providing solid earnings guidance for 2016. West’s products are frequently “designed in” as part of the regulatory approval process for its clients’ drugs, which makes it quite difficult for West’s products to be displaced throughout a drug’s lifecycle. There is a substantial development pipeline of injectable biologic drugs, and we believe this will allow West to experience double-digit growth rates in its main market for at least the next several years. We also believe that West will benefit from the increased sale of high-margin proprietary products, including newly-developed plastic syringes and wearable injectors for a new generation of high volume, high viscosity drugs. As a result, we believe that company has the potential to double its earnings during the next five years. More...

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Baron Funds Comments on IDEXX Laboratories Inc. Guru stock highlight
Shares IDEXX Laboratories, Inc. (NASDAQ:IDXX), the leading provider of testing and diagnostics to veterinarians, gained after the company reported healthy financial results. We believe that IDEXX’s business trends are improving and that its competitive position is becoming increasingly unassailable. The company’s placements of new diagnostic instruments in veterinary hospitals grew by almost 50% in its recent quarter. We expect this to be a key driver of future growth because these instruments require the ongoing purchase of high-margin consumables to perform in-clinic tests. In addition, the company’s network of domestic testing laboratories grew at more than twice the rate of its main competitor. We also observed rising productivity of its field salesforce, and a rebound in its rapid assay products. We believe that these trends, coupled with a number of new tests that should emerge from its meaningful research and development effort, will drive increased organic revenue and earnings growth during the next few years. More...

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Baron Asset Fund 1st Quarter Commentary Review of performance and holdings Ron Baron - Baron Asset Fund 1st Quarter Commentary
During the three-month period ended March 31, 2016, market indexes experienced substantial volatility, dropping approximately 10% through mid-February, and then rebounding to finish the quarter modestly higher. The market downdraft was driven by several factors, including data points signaling a slowdown in the Chinese economy, the continued drop in energy prices, widespread dislocation in the credit markets, and general fears of global political instability. Later in the quarter, oil prices rebounded, credit spreads narrowed, positive data points emerged concerning U.S. employment and housing trends, and the equity markets recovered. More...

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